St Louis Mortgage Blog

St Louis Loan Audit News: US Will Not Devalue Dollar

United States Treasury Secretary Timothy Geithner vowed yesterday that the United States would not devalue the dollar for export advantage, saying no country could weaken its currency to gain economic health. 

Geithner told Silicon Valley business leaders of devaluing the dollar that "it is not going to happen in this country." 

He goes on to say that "it is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to (be) competitive."

Geithner in conclusion added: "It is not a viable, feasible strategy and we will not engage in it." 

Geithner, normally reluctant to publicly discuss currency and market movements, has not uttered the so-called "strong dollar mantra" which was a refrain he helped create at Treasury in the 1990s. 

On Friday, the dollar index hit a 10-month low against a basket of major currencies, while the greenback has been plumbing fresh 15-year lows against Japan's yen. 

Many emerging market countries are complaining that Fed money creation is weakening the dollar, and causing more funds to flow into their markets, pushing up their currencies. 

Talk of a "currency war" has persisted as countries take action to keep from losing export competitiveness.

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